UK Borrowing Subsidiary definition
Examples of UK Borrowing Subsidiary in a sentence
If no currency is specified with respect to any requested Eurocurrency Borrowing, then (i) in the case of a Borrowing by the Company, a US Borrowing Subsidiary or a Canadian Borrowing Subsidiary, the applicable Borrower shall be deemed to have selected US Dollars and (ii) in the case of a Borrowing by a UK Borrowing Subsidiary, the applicable Borrower shall be deemed to have selected Sterling.
On or after the Effective Date, the Company may designate any Wholly Owned Subsidiary of the Company organized in the United States of America, the United Kingdom, a member state of the European Union or Canada as a US Borrowing Subsidiary, a UK Borrowing Subsidiary, a Euro Borrowing Subsidiary or a Canadian Borrowing Subsidiary, as applicable, by delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed by such Subsidiary and the Company.
If no currency is specified with respect to any requested Eurocurrency Borrowing, then the relevant Borrower shall be deemed to have selected (A) in the case of any UK Borrowing Subsidiary, Sterling, (B) in the case of any Euro Borrowing Subsidiary, Euro, (C) in the case of any Canadian Borrowing Subsidiary, Canadian Dollars and (D) in the case of the Company and any other Borrowing Subsidiary, US Dollars.
The qualification by any Lender or the Agent for admission to do business under the laws of the United Kingdom does not constitute a condition to, and the failure to so qualify does not affect, the exercise by any Lender or the Agent of any right, privilege, or remedy afforded to any Lender or the Agent in connection with the Loan Documents to which such UK Borrowing Subsidiary is a party or the enforcement of any such right, privilege, or remedy against such UK Borrowing Subsidiary.
Such UK Borrowing Subsidiary has the -------------------------- corporate power and authority and legal right to execute and deliver the Loan Documents to which it is a party and to perform its obligations thereunder.
Neither such UK Borrowing Subsidiary nor any of its ----------- assets is entitled to immunity from suit, execution, attachment or other legal process.
In the case of a Loan to a Borrower who is a UK Borrowing Subsidiary, the parties shall comply with the provisions of Section 2.17(h).
If such Lender fails to indicate its status in accordance with this paragraph (viii), then such Lender shall be treated for the purposes of this Agreement (including by each UK Borrowing Subsidiary) as if it is not a Qualifying Lender until such time as such Lender notifies the Administrative Agent which category applies (and the Administrative Agent, upon receipt of such notification, shall inform the UK Borrowing Subsidiary).
If a Lender fails to indicate its status in accordance with this subsection (vi) then such Lender shall be treated for the purposes of this Agreement (including by the UK Borrowing Subsidiary) as if it is not a Qualifying Lender until such time as it notifies the Administrative Agent which category applies (and the Administrative Agent, upon receipt of such notification, shall inform the UK Borrowing Subsidiary).
If the Administrative Agent receives such notification from a Lender it shall promptly notify the relevant UK Borrowing Subsidiary.